On March 28, 2019, the First Creditors' Meeting for the reorganization of seven enterprises including Ningxia Shangling Industrial (Group) Co., Ltd. (hereinafter referred to as "the seven companies") was held through webcast on the National Website on Information of Enterprise Bankruptcy Reorganization Cases under the auspices of the Yinchuan Intermediate People's Court. The case was also the first in which Yinchuan Court held the creditors' meeting on the internet.
With high profile and influence in the local area, the seven companies were involved in many sectors such as real estate, construction engineering, auto sales and international trade. The types of debts involved were complex, concerning a great many people. By the date of this creditors' meeting, a total of 2,230 creditors filed over 3,500 claims, with a total value up to RMB 10.5 billion. The case attracted great attention from the local government and the court. DeHeng and Ningxia Xinzhongyuan Law Firm, as the administrators, performed their duties according to law and spearheaded the smooth process of reorganization.
To make this conference more efficient, cut the costs of time, participation and conference preparation for the creditors, the administrators innovatively held the creditors' meeting online (livestream) for seven companies. In order to ensure that each creditor could participate in the meeting through the computer and mobile phone, three live broadcasting venues were set up in addition to the main venue according to the geographical areas of the creditors in this case, so as to meet the needs of different creditors, and the result was satisfactory. The entire agenda was completed in the meeting, enabling creditors to gain a comprehensive and objective understanding of the seven target enterprises. This laid the groundwork for the subsequent bankruptcy procedures.
Appointed as the administrator by the Yinchuan Intermediate People's Court on December 19, 2018, DeHeng set up a project team in which lawyers Zhang Chunlei and E Xiushen, partners of DeHeng Beijing office served as the leaders; lawyer Fan Liya, the head of the DeHeng Bankruptcy and Restructuring Committee, acted as the project adviser; and supported by experienced lawyers from Beijing, Xi'an and Zhuhai offices etc. As the administrator, DeHeng was affirmed and trusted by Yinchuan Municipal Government, Yinchuan Intermediate People's Court, and creditors and debtors alike. DeHeng will also continue to pool its strengths and adopt a prudent and rigorous attitude to promote the steady, orderly reorganization by virtue of its professional, comprehensive and high-quality legal services.